US February pending home sales data from the National Association of Realtors
- Prior was -2.8%
- Pending home sales index 110.3 vs 122.8 prior
- Sales y/y -2.7% vs +6.5% expected (prior +8.8%)
Tight inventories and cold February weather put a major damper on home sales in February. Each of the four regions experienced a decline.
“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory,” said Lawrence Yun, NAR’s chief economist.
“Potential buyers may have to enlarge their geographic search areas, given the current tight market,” Yun said. “If there were a larger pool of inventory to select from – ideally a five- or a six-month supply – then more buyers would be able to purchase properties at an affordable price.”